WISE & Everfi Financial Literacy Test Review with Complete Solutions WISE & Everfi Financial Literacy Test Review with Complete Solutions
1040 - ANSWER-A tax form filled out by an individual and filed with the IRS that determines the amount of income tax owed in a single year.
1040EZ - ANSWER-A tax form, similar to the 1040 filled out by an individual and filed with the IRS. The form is used to determine the amount of income tax owed to the IRS in a single year. The 1040EZ form is used in simpler tax situations.
401(k) - ANSWER-A retirement account offered through an employer, where an employee can contribute money from his or her paycheck before or after taxes.
403(b) - ANSWER-A retirement account similar to a 401(k) plan, but offered by non-
profit organizations, like universities or charitable organizations.
529 college saving plan - ANSWER-A savings plan offering tax benefits that can be used for any qualified educational expenses.
Co-Pay - ANSWER-A fixed fee that an individual pays for specific medical services, like a visit to the doctor's office.
Auto insurance - ANSWER-A type of insurance that protects a policyholder in the case of a car accident. Most states require it by law.
Bachelor's degree - ANSWER-A degree awarded by a college or university for completing four years of undergraduate studies.
Balance - ANSWER-The total amount of money in a banking account at any given time.
Asset - ANSWER-Property owned by an individual or organization that has some value. Can refer to physical items (like a house or car) or to intangible items (like a stock or bond).
Associate's degree - ANSWER-A degree granted after two years of study, often by a community or junior college.
ATM Card - ANSWER-A payment type similar to a debit card that allows you to make electronic purchases but requires that you enter a PIN (Personal Identification Number) for any transaction. Annual Percentage Rate (APR) - ANSWER-Another name for the interest rate charged on the balance of a credit card.
Consumer Fraud - ANSWER-When a product or service is illegally used to deceive you into sending money or signing up with a phony service. Consumer fraud scams frequently start with a fake email, letter or phone call.
Coverage - ANSWER-Your coverage refers to the range of protection you are eligible to
receive from an insurance plan. Insurance plans can have different coverage even if they're the same type of insurance
Balance Transfer - ANSWER-A transfer of your existing credit card balance to another credit card. Balance transfers are typically used when a consumer wants to transfer their credit card debt onto a card with a lower interest rate.
Bonds - ANSWER-A bond is basically a loan, except that in this case, you're the lender. When you buy a bond, you loan an amount of money to the organization issuing the bond at a certain interest rate for a certain period of time. You are paid interest from this loan at regular periods, and then, when the bond matures, you get back your initial investment plus any additional interest. Treasury and municipal bonds are specific
types of bonds.
Budget - ANSWER-A budget is a plan of how you will spend the money that you make or receive.
Cash Advance - ANSWER-A loan of cash you obtain with a credit card.
Certificate of deposit - ANSWER-A type of savings vehicle in which you put your money away for a certain amount of time, called a term, to allow your principal to earn interest.
Charge Card - ANSWER-A payment type that works just like credit cards except the balance must be paid in full every month.
Claim - ANSWER-A claim is the request you make to your insurance company for payment of the benefits allowed by your coverage. For instance, if you receive a bill for repairs made to your car, you might submit a claim to your auto insurance company to request they pay the bill for you.
Compound Interest - ANSWER-Compound interest is interest that's generated not only from the money you put into an account, but also
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